Checklist 

To ease your tax burden—whether you have an accountant or bookkeeper or do the taxes yourself–here are deductions to consider:

  • The cost of work-related meals and travel expenses.
  • Home office expenses, deducting but only if that space is used exclusively by you for your business purpose
  • Office supplies, computers, and postage
  • Business insurance, including renter’s insurance as part of your home office deductions
  • Percentage of utilities (phone and internet) used for business purposes
  • Employees’ salaries and benefits as long as your staff is not a partner, sole proprietor, or a member of your LLC-structured business
  •  Interest charges on business loans and credit cards (including any associated service fees)
  • Professional business fees such as that of an accountant or lawyer, if incurred for the running of the business
  • Educational expenses such as courses, subscriptions to trade publications, books, and trade association annual membership fees
  • Child and adult care expenses if children are 12 years old or younger and adults have physical or mental disabilities
  • Insurance premiums and medical expenses like doctors’ visits and prescriptions
  • Real estate taxes and interest on mortgages
  • Marketing costs
  • Start-up expenses up to $5,000 if the business launched in the tax year
  • Interest on investments
  • Depreciation of big-ticket business purchases, like company vehicles, equipment, and machinery